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BHPBill - Samarco update
BHPBill announced that it will recognise a provision in the range of USD1.1 billion to USD1.3 billion, which is approximately equivalent to a 50 per cent share of the current estimate of Samarco’s funding obligations under the terms of the Framework Agreement (Agreement) entered into on 2 March 2016. This reflects the ongoing uncertainty surrounding the nature and timing of a potential restart of Samarco’s operations. The associated income statement charge will be recognised as an exceptional item in the June 2016 half-year, together with direct costs of approximately USD100 million (post tax).
Samarco and its shareholders continue to believe that the Agreement provides an effective long-term framework to remediate and compensate for the impacts of the Samarco dam failure. The Foundation provided for under the Agreement has been established to deliver the socioeconomic and environmental programs outlined in the Agreement.
The BHPBill Board of Directors also approved USD134 million to support the Foundation to allow the continuation of reparatory and compensatory programs. This amount will be offset against the provision recognised.
A further short-term facility of up to USD116 million is being made available to Samarco to carry out remediation and stabilisation work and to support Samarco’s operations. Funds will be released to Samarco only as required and subject to the achievement of key milestones.
The short-term facility announced today will preserve the value of BHPBill’s investment while we continue to monitor developments. The safe restart of the Samarco operations remains an important priority, along with the restructure of Samarco’s debt.
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BHPBill - operational review
BHPBill released their operational review for the year ended 30 June 2016.
Highlights
- Exceeded full year production guidance for petroleum, copper and metallurgical coal, and achieved record full year production at Western Australia Iron Ore (WAIO).
- Expect to achieve full year unit cost guidance at our major assets, with unit costs forecast to decline further next year.
- In Petroleum, exploration drilling has commenced in Trinidad and Tobago and in the Gulf of Mexico following positive results at Shenzi North during the year.
- The Los Colorados Extension project was approved by the Escondida Owners Council with first production expected in the second half of the 2017 financial year.
- Four major projects under development are tracking to plan.
- Underlying attributable profit(1) in the June 2016 half year is expected to include additional charges of up to USD175 million.
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BHPBill - AGM & dividend dates
The proposed dates for the 2016 Final Dividend of BHPBill are as follows:
2016 Final Dividend
- Preliminary Results Announcement and Dividend Determination : 16 August 2016
- Currency conversion into Rand : 26 August 2016
- Last day to trade cum dividend on JSE Ltd : 30 August 2016
- Ex-Dividend Date (New York and Johannesburg stock exchanges) : 31 August 2016
- Ex-Dividend Date (Australian and London stock exchanges) : 1 September 2016
- Record Date (including currency conversion and currency election dates for Australian & London stock exchanges): 2 September 2016
- Payment Date : 20 September 2016
BHPBill shareholders registered on the South African section of the register will not be able to dematerialise or rematerialise their shareholdings between the dates of 31 August and 2 September 2016 (inclusive), nor will transfers between the UK register and the South African register be permitted, between the dates of 26 August and 2 September 2016 (inclusive).
2016 Annual General Meetings (AGM)
The 2016 AGM of BHPBill will be held in London on Thursday, 20 October 2016 at 11.00am (London time).
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BHPBill - update Samarco Brazil
On 2 March 2016, BHP Billiton announced that an agreement had been entered into between Samarco Mineração S.A (Samarco), Vale S.A (Vale) and BHP Billiton Brasil LTDA (BHP Billiton Brasil) with the Federal Government of Brazil, the States of Espirito Santo and Minas Gerais and certain other public authorities (Brazilian Authorities) (Framework Agreement).
The Framework Agreement provides for the restoration of the environment and communities affected by the Samarco dam failure on 5 November 2015 and suspension of the civil public claim commenced on 30 November 2015 by the Brazilian Authorities against Samarco, Vale and BHP Billiton Brasil which sought the establishment of a fund of up to BRL20 billion in aggregate for clean-up costs and damages relating to the dam failure.
The Framework Agreement was subject to ratification by the courts in Brazil. On 5 May 2016, the Framework Agreement was ratified by the Federal Court of Appeal in Brasilia. The Federal Prosecutors’ Office appealed against the ratification of the Framework Agreement. On 30 June 2016, the Superior Court of Justice in Brazil issued an interim order suspending the decision of the Federal Court of Appeal to ratify the Framework Agreement.
The effect of the interim order of the Superior Court of Justice is to reinstate the BRL20 billion public civil claim made by the Brazilian Authorities against Samarco, Vale and BHP Billiton Brasil. BHP Billiton Brasil intends to appeal the decision of the Superior Court of Justice. In the meantime, Samarco will continue to support the long-term recovery of the communities and environment affected by the dam failure.
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